I'm reading the chapter 2 and 3 of CLRS, and get stuck so often, especially in the problems provided at the end of each chapter, that I wonder if it'll ever be worthwhile for this much effort. I can't understand the solution online like this one: http://clrs.skanev.com/02/problems/01.html
I heard that this book is one of the most popular text books for university CS class, but do people skip intricate parts and just memorize important things, like insertion sort has this order of growth and merge sort has that order of growth, and go ahead?
Isn't it just enough to be familiar with many useful algorithms to have about as much understanding of computer science as people with a degree in CS do in general?
Understanding isn't about memorization. It's about being able to apply the knowledge to solve problems. The textbook problems are quite simple compared to most real-life problems. So, skipping these simply means you're not learning at all, and you certainly won't be able to apply any of it in real life. You're memorizing, but you can't use what you've memorized.
TL;DR: The proof of being able to use the knowledge is the ability to solve problems, and textbook problems are simple.‡ One doesn't go without the other.
‡ Knuth's texts are a notable exception: he also offers some borderline intractable problems, and everything in between :)